Michael Fiddelke will become Target's CEO on February 1, 2026 while Brian Cornell transitions to executive chairman. Fiddelke is a 20-year company veteran who most recently served as chief operating officer. The promotion follows merchandise missteps, retail crime, inventory management problems and shares that have lagged peers. The stock fell 10 percent in premarket trading after the announcement. Critics warned the internal appointment risks perpetuating entrenched groupthink and expressed concern that Cornell's move to executive chairman could reward failure and influence future policy. Fiddelke prioritizes improving merchandise quality, value and style, delivering consistent shopper experiences and embedding more technology to restore growth.
This is an internal appointment that does not necessarily remedy the problems of entrenched groupthink and the inward-looking mindset that have plagued Target for years, Saunders said. Saunders also said he was surprised that Cornell will move into the role of executive chairman, calling it a reward for failure. Saunders said his elevation to executive chairman runs the risk of having the person who has not guided Target well having some influence over future policy.
Fiddelke said his number one goal is to get us back to growth. His remarks came during a media call following Target's second-quarter earnings report, during which it stuck to its annual forecasts. Fiddelke said his three priorities are to improve the quality of merchandise, value and style that Target offers, ensure a more consistent shopper experience and embed more technology in all parts of its business. We need to move faster, much faster, he said.
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